CB Chairman on cases of financial fraud: Banks to extend moratorium on credit obligations until court verdict

ArmInfo. The moratorium on  credit obligations for citizens who have become victims of fraud,  initially set at 3-5 years by banks, will now be extended until a  court verdict is reached in each individual case. Martin Galstyan,  Chairman of the Central Bank of Armenia, announced on June 10 during  a press conference, citing an agreement reached with the banks, who  will provide further details in the upcoming days.

To date, the credit obligations of 230 clients have been frozen.  According to the CB Chairman, the good news is that the number of  fraud cases in the first quarter of this year decreased to 408. He  explained  that banks have carried out certain work related to the  protection of personal data in accordance with the Regulator's call.

All cases, as Galstyan noted, were studied, and if it was found that  the bank was at fault, the money was returned to the client without  question.  Regarding the theft of funds from accounts, the situation  is more complicated, according to Galstyan.  "Discussions are  currently underway, and I hope that we will reach a consensus on this  issue in the coming days," he said.  Martin Galstyan also urged  citizens to be vigilant and refrain from providing their personal  data to third parties.